The Jersey Evening Post on 1st June reported that a convicted Jersey fraudster has been living a luxury lifestyle – taking private jets and first-class flights around the world – despite claiming he cannot access any of his accounts to pay back the £65 million he owes UK taxpayers.  It explains that, in 2002, Gerald Smith, the former chief executive of Jersey-registered ORB, was jailed for 8 years by a judge in a London Crown Court after being found guilty of fraudulently obtaining £35 million from a UK IT company. He was subsequently handed a £41 million confiscation order, which has now risen to £65 million because of interest.  Smith has so far paid back £4.8 million, and claims in court documents that he wants to pay off the rest but is unable to do so as his wealth is tied up in ongoing complex legal cases.–owing-over-60m/


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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